Massachusetts Agents - Who's out there!?

Question

BP Massachusetts Agents / salespersons / brokers

Anyone get their license within the past year or so?

How was the process?  Studying/ test / finding a brokerage

How is business?

This your full time gig now or part time?

Has it helped your investing?

Would love to connect and hear some stories.  I have taken the 40H class and looking to sign up for the test for the purpose of; making extra $ in RE --- getting closer to my market --- overall improvement of investing.

Thanks all looking forward to this thread.

tags Boston MA Mass

Charlie MacPherson · Answer

@James SestitoI got licensed in 2014 and have already opened my own brokerage.  (I do have over 30 years experience in sales and sales management).

As of now, we are a total of 5 agents plus the broker of record, who is a real estate attorney I retained for the purpose.

Yes, we're recruiting from Worcester County to the Ocean.

My gig is full time, plus (13 hours so far today!)

Studying for the test was straightforward, as was the test itself.  I finished in 30 minutes and had a license 10 minutes later.  (I do feel like the barrier to entry in this business is too low.)

I took 100 pages of notes, which I'll be happy to share - but there's NO guarantee as to accuracy.  They're just my own notes.

I initially signed on with one of the BIG national franchises.  The one that promotes itself as "the largest privately owned real estate firm in the country".

I found the support (which they bragged about) to be nearly non-existent.  In fact, I learned far more from one kind and generous agent (Alice B.) there than I ever did from the broker.

The broker was nice enough, but she was permanently in scramble mode, trying to cover what I'd bet is a $5K monthly overhead.  I didn't enjoy competing with her.

After 10 months, I decided to go solo and work under the license of a coach I had retained.

Several months later, my internal entrepreneur got the better of me and I opened my own brokerage - Clear Sailing Realty, LLC (Where our tag line says it all: It's Clear Sailing.....all the way Home)

We're designed to be a low cost, low friction brokerage both for clients and agents.

Agents pay no desk fees, technology fees or any fees at all.

We don't force agents to sit for shifts at a front desk, hoping that someone walks in off the street (it is 2016 after all).  We don't have wasted time at useless meetings.  Our office is our smart phone and tablet.

I executed a joint venture with Elite Real Estate Systems who provides agent websites and BoomTown (an unbelievably robust CRM/back end) along with leadgen.  I also provide a lot of leadgen for our agents.  And all of it is at no up-front cost to agents.

We do pay Elite on the back end, but they have ALL of the skin in the game.

As the owner, my role is to recruit agents, train them, provide structure and accountability, identify the obstacles that slow them down, demolish those obstacles and then to get the heck out of the way.

I absolutely love this business and love even more helping agents to make an unreasonably high income.

As to investing, I'm developing a sub-specialty in "fix & flip".  It's something that I'm putting myself in a position to do.  I expect to start flipping within the next 12 months.

A few times each week, I send a "Flip of the Day" to my list of investors, complete with deep comps.

As often as not, I end up talking investors out of flips once we get up close and personal with a property.

Like my agents, I'm not interested in a "one and done".  I want my flippers to make a good ROI on each and every deal.  I think that's the best way to develop long term relationships that work for everybody.

I hope that answers the question!

- Charlie MacPherson, Clear Sailing Realty, LLC.  Norwell, MA

Eric Dufault · Answer

if you're studying for the exam I highly recommend shelling out $60 for nightbeforetheexam.com.  I was on there an 2-3 hours everyday the week before the exam and confidently passed the general questions.  I would study the state specific book more in depth as the website didn't adequately cover the state stuff. If you're fresh out of your 40 hour course, it will be a big help as well.  I took the 40 hour course a year prior to the exam and it wasn't fresh in my head.

I'm in the process of deciding on a brokerage now, leaning towards Keller Williams, mainly because I'm a huge fan of Gary Keller's books and they have a few interesting options other brokerages don't offer.

One of the previous commenters made the point that the barriers to acquiring a license are way too low and I couldn't agree more.  After a weekend course and passing a memory exam, all of a sudden you are licensed and relied upon by people to make the most important investment of their lives.  It really is insane, especially in Massachusetts where everything else seems so heavily regulated.

Anyways good luck in your endeavors!!

Justin Repp · Answer

I got licensed a year ago and went full time right away.  My goal was to focus on learning the industry first, then focus on my own investing.  I am with one of the big franchises and love it.   Taking the test was easy.  I just spent a day or two studying and passed no problem.  Happy to provide an introduction to someone at my brokerage that you can have a casual conversation with to learn a bit more.  Just send me a PM.

Charlie MacPherson · Answer

I'm always hungry!

Russell Brazil · Answer

Well weirdly enough while I live in Maryland, I am licensed in Massachusetts as well.  While the vast majority of my agent business is in the DC area, I still will do one or two sell side transactions in Massachusetts a year.

Jim Sestito · Answer

@Charlie MacPherson 'Plan to survive.'    I like that....  When I get the license I'll have to take you out to lunch, sounds this new agent pep talk may be worth a lunch and then some!

Thanks again.  - Jim

Charlie MacPherson · Answer

@Brad MorseCall me with your contact info.  I do require a Buyer's Broker Agreement that states:

1. If you buy a property I introduce you to, you'll buy it through me.

2. We have a minimum commission.  That covers us for super-cheap deals on the buy side. (I'm putting in an offer on a $55K 2plex tomorrow - at 2% commission per MLS.  Yikes.)

3. When you sell the flip, you'll sell it through me at a pre-discounted commission. (I won't discuss publicly to avoid price-fixing charges)I'll send you the agreement and get you on the list.

Charlie MacPherson · Answer

Hi Jim

1. I found him through an introduction by a lender I worked with, and yes it was because I didn't want to wait for three years to sit for the Broker's exam.  I don't have that much patience!I broached the subject and said that my plan was to keep him as Broker of Record until I got my own Broker's license.  He was OK with it and we agreed on a percentage.  Frankly, it's really nice having an attorney on the team, so I may consider keeping him long term.  He's a smart guy with over 20 years experience.

2. I like your assessment of "forward thinking".  I thought of it more as low tolerance for big company nonsense.  Seriously - required to sit at the front desk as an unpaid secretary for 32 hours a month??  In 2016???  Great strategy for 1985 though.  Right now, my most distant salesperson is in Revere.  I have another in Malden and two in Boston.  I'm in discussions with someone in Worcester too.  I see our market as everything from Worcester County to the coast, excluding the ever-so-parochial Cape and Islands with their own MLS.  I'd go to western MA, but the average sale prices there are so low that it's diminishing returns.

3. I went full time right out of the gate.  The single biggest challenge a new agent faces is to survive the startup period.  I have this discussion with every candidate.  The average time between a full time agent getting their license and their first paycheck is 90 days.  Every candidate has to know this and have a plan to survive.

Brad Morse · Answer

Hi Charlie,

How do I get on that flip of the day list?  I'm an investor looking do a flip.

Thx!

Brad

Jim Sestito · Answer

@Charlie MacPherson

Great insight - Just a few follow questions;

1. The broker of record you partnered with - I assume to avoid waiting the three year min as a working salesperson to open your own - how did you find him or her?  How did that conversation go when you approached them about opening a brokerage and them being the broker of record.

2.  It sounds like your company is forward thinking.  I work in sales as well now for a start up and enjoy the same environment.  Work from anywhere you can hit your #'s - minimal 'meetings' ect. With that being said - how far away are your most remote salespersons?  Do you only like to operate in a certain area of MA?

3.  When you joined the largest privately owned RE firm in the country did you go full time right away or did you keep your other sales job going for a while?

Thank you again.  - Jim

Massachusetts Agents - Who's out there!?

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